Global food prices have leapt by 10% in the month of July, raising fears of soaring prices for the planet’s poorest, the World Bank has warned.

The bank said that a US heatwave and drought in parts of Eastern Europe were partly to blame for the rising costs.

The price of key grains such as corn, wheat and soybean saw the most dramatic increases, described by the World Bank president as “historic”.

The bank warned countries importing grains will be particularly vulnerable.

From June to July this year, corn and wheat prices each rose by 25% while soybean prices increased by 17%, the World Bank said. Only rice prices decreased – by 4%.

In the United States, the most severe, widespread drought in half a century has wreaked havoc on the corn and soybean crops while in Russia, Ukraine and Kazakhstan, wheat crops have been badly damaged.

Global food crisis looms as grain prices soar With so much of the world putting faith in a record U.S. corn crop, it is little wonder that prices have surged around 40 percent in the past three weeks as relentless dry weather melted yield expectations for cereals. Soybeans are at record highs, while wheat is not far behind....

US Home Prices Drop For 6th Straight Month Home prices dropped in February in most major U.S. cities for a sixth straight month, a sign that modest sales gains haven’t been enough to boost prices. The Standard & Poor’s/Case-Shiller home-price index shows that prices dropped in February from January in 16 of the 20 cities it tracks. The steepest declines were in Atlanta, Chicago and Cleveland. Prices rose...

About the Publisher

Joe Miller was the 2010 Republican nominee for the US Senate from Alaska. He is a West Point graduate and decorated combat veteran from the first Gulf War. A former judge, Joe graduated from Yale Law School and was later awarded an advanced economics degree from the University of Alaska. He currently practices law in Fairbanks, Alaska. Read more about Joe by clicking the "About Joe" tab above. Please note, articles posted at Restoring Liberty do not necessarily reflect the views or opinions of Joe Miller and comments are unmoderated. Abusive posts will be deleted if seen, but if a comment remains on the site, it in no way constitutes approval by Joe Miller or Restoring Liberty.
To stay informed on news that affects your liberty, follow Joe: Newsletter | Facebook | Twitter |
We depend on your donations to continue our work at Restoring Liberty. To support our efforts, please DONATE HERE. Thank you!

Share with Your Social Network

CaptTurbo

I wonder if there is a process to refine liberals into fuel so we could run our cars on them? You know, like making lemonade out of lemons.